Circle has been licensed as a payment institution in Singapore
Date: 2023-06-09 Categories: BUSINESS
A subsidiary of the co-issuer of the USDC stablecoin, Circle, has received an MPI license from the Monetary Authority of Singapore.
“The approval allows Circle Singapore to offer digital payment token services in the city-state, including cross-border and domestic money transfers, through a variety of products and services,” the statement said.
Local institutional clients will be able to access USDC directly through their Circle account.
The company officially opened a branch office in Singapore in May. However, back in February, Circle Singapore partnered with state-backed blockchain accelerator Tribe. The partners jointly hosted a hackathon with over 350 Web3 developers.
In November 2022, Circle received regulatory approval in principle to become a payment institution. The company has identified the jurisdiction as the main center for serving business in Asia.
“Singapore is an integral part of Circle's global expansion and mission to enhance global economic wealth and the seamless exchange of value,” said Jeremy Allair, co-founder and CEO of Circle.
